LOS ANGELES - In an uncommon development. institutional investors have snapped up a stand-alone, long-term issue for a sports arena that has not yet been built.

The $155 million taxable issue, sold yesterday in Portland, Ore., has a 27-year maturity. Other major arena projects initially have depended on bank loans or letter of credit-backed financings featuring maturities of 10 years or less.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.